Nifty opens marginally lower; IT stocks gain

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, June 11, 2014, 9:29 [IST]

The Nifty opened the day marginally lower in trade with the index trading 11 points lower at 7644 points, while the Sensex rates were not available due to a technical glitch.

Nifty stocks that gained in trade were tech stocks including the likes of Infosys, TCS and Wipro. Other Nifty stocks that gained were Grasim, Tata Steel and Ultratech Cement.

Coal India was up in trade after reports that the company has decided to amend its memorandum of association (MoA) for foraying into the business of producing fertilisers and chemicals.

Shares in Agrotech Foods was up after the company said that it has opened its new manufacturing unit the country in Gujarat to start local production of 'Sundrop Peanut Butter'.

Nifty stocks that lost ground in trade were HDFC, HDFC Bank, Hindustan Unilever and ICICI Bank. Shares in Tata Motors was marginally lower despite reports that the company is working on a new small car to take on bestseller brands such as the Maruti Celerio and Ford's new Figo.

Mid cap stocks which have seen all the attention in the last few months continued to see buying interest. Among the notable gainers in trade were Apollo Tyres and Biocon.

Real estate stocks which have rallied substantially in the last few trading sessions were trading flat to positive in early trade.

Meanwhile, most of Asia was trading with losses led by the Shanghai Composite and the Hong Kong's Hang Sang.

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